In addition to investors, miners are also raking in millions of dollars to create new Dogecoins and confirm transactions during the 2021 rally.
Data provided by the Coinmetrics crypto analytics platform from May 23 to June 23, Dogecoin miners earned at least $ 6 million a day. Additionally, the average total revenue for miners for 30 days from January 1 to June 3 was $ 259.33 million.
Dogecoin mining sales (30 days average) | Source: CoinMetrics.io
The mining revenues correlated with Dogecoin 2021 rally have created a demand for the coin. Year-over-year, Dogecoin grew by 9,400% and benefited from the general price movement in the crypto market. Additionally, it has received huge support through tweets from Tesla CEO Elon Musk.
The increase in value of DOGE has also created multi-million dollar investors. How Bitcoin magazine reported approximately 2,866 Dogecoin wallets valued at at least $ 1 million as of May 4, 2021. This is 116% growth compared to April 23, when 1,321 wallets were valued at at least $ 1 million.
Some analysts see the rise of Dogecoin as a bubble due to its lack of real use value. However, after Musk announced that his rocket company SpaceX would use DOGE for one of their missions to the moon, the situation changed.
In addition, the Dallas Mavericks basketball team, CovCare’s medical service provider, has introduced Dogecoin as an alternative payment method.
Despite the rise in value of Dogecoin, there have been concerns that celebrity supporters might opt out, causing the price to drop.
According to billionaire Mike Novogratz, The Dogecoin rally is a retail phenomenon fueled by the influx of more money into the economy.
“This is very similar to GameStop, where these meme coins open up a new, emerging investor base and things get interesting. It was built on momentum and they wanted to go short. However, I don’t think it will go on for long because it’s all retail and abrupt. “
DOGE price table | Source: Tradingvew
After the rally, the Dogecoin price corrected along with general market sentiment. At press time, the coin is trading at $ 0.38.
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